Whilst 'reassuringly expensive' is no longer a sales pitch in the Asset Management world, is there not still a case for top fund management firms, producing strong returns, to charge fees on a meritocratic basis?

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Since RDR there has been a significant repricing of investment management fees for actively managed funds. This segment of the industry has come under growing pressure from passive funds, with beta proving increasingly inexpensive.
The Financial Conduct Authority (FCA's) Asset Management Market Study has put fees into the spotlight once again and it seems likely the downward direction of travel is set to continue.